March 15, 2013
NEWS DIGEST for March 11-15, 2013

MFA of Uzbekistan visits the United States

On March 11-14 the delegation of Uzbekistan headed by the Minister of foreign affairs Mr.Abdulaziz Kamilov visited Washington D.C.

On March 12 the delegation met with Secretary of State John Kerry, Deputy National Security Advisor Antony Blinken, Undersecretary of Defense for Policy James Miller, Assistant Secretary of State Robert Blake and other senior officials of the US administration.

The delegation was also received in the House Committee of foreign relations by subcommittee chairman D.Rohrabacher. On March 13 a briefing was arranged in the Congress on issues of water resource management in Central Asia.

During the visit a Memorandum of understanding on cooperation between the National Human rights Center of Uzbekistan and a Washington-based International Center for Non-for-profit Law was singed, which signifies the commitment of the Government of Uzbekistan to a wider cooperation with the United States on human dimension.


CBU, Moody’s host conference in Tashkent

Central Bank of Uzbekistan in cooperation with international rating agency Moody’s organized a conference to consider modern system of rating assessment and analyzing activities of commercial banks and financial system based on international standards and criteria.

The participants considered methodology of management of credit risks, assignment of sovereign ratings, trends in rating markets, current state and perspectives of the banking system, etc.

It was noted that 28 commercial bank of Uzbekistan has stable ratings from international rating agencies, of which 13 received ratings from Moody’s.

For last three years, Moody’s forecast stable growth of the banking system. It was noted that Uzbekistan holds leading position in the CIS area.

Moody’s experts underlined that Uzbek banking system has strong operational environment, which was formed due to macroeconomic conditions, low public debt and growth of internal consumptions. Fast growth of financial services and development of small businesses create good conditions to expand crediting.

Quality assets, capital adequacy, low dependence from external source, financing due to internal resources are decreasing global risks.

Moody’s forecasts that Uzbek banking system will continue to develop in near future. Economy of Uzbekistan is export-oriented and the government stimulates economic growth due to large infrastructure projects, modernization, etc. (Source: UzDaily.com).

Uzbek-German economic business-forum in Tashkent

19 delegates of German business community visited Uzbekistan on March 11-15, 2013 to construct reliable relations between Uzbek and German partners, study investment potential of Uzbekistan. Delegation consists of representatives of small and medium companies representing mainly the sphere of machinery and engineering.

4500 companies operate in the Uzbek market, including such leading German companies as “MAN”, “Claas” and others.

Bilateral volume of trade between Uzbekistan and Germany in 2012 it made up over USD 400 million. At the moment, 112 companies with direct German investments operate in Uzbekistan. Olmaliq Mining and Metal Plant’s New Project

Olmaliq Mining and Metal Plant launched a project on the construction of an underground mine at Kayragach deposit to replace retired facilities engaged in the extraction of gold ore mine Semguran and keep the processing capacity load level of Angren Gold Processing Plant.

The total project cost is $30.5 million, of which $10.59 million are plant’s own funds, $6.72 million are loans of the Fund for Reconstruction and Development of Uzbekistan, $13.25 million are loan of Ipotekabank. The Government released the plant till November 1, 2014 from customs duties on materials, vehicles, equipment and spare parts, which are not produced in Uzbekistan and imported for the project.

Karakalpakstan to boost silk production

The Uzbek Cotton Industry is implementing a project on development of sericulture in Karakalpakstan, which is estimated at 7.744 billion soums.

Five processing plants are participating in the project. Some 800 million soums of investments were utilized within the first stage of the projects. About 60 hectares of land were allocated to creation of mulberry trees plantation.

Uzpakhtasanoat created two working groups, who will visit China and Vietnam in near future to study their experience in creation of mulberry trees plantation.


\'Echo of Centuries\' Festival

The Sixth ‘Asrlar Sadosi’ (Echo of Centuries) Festival of Traditional Culture is slated for May 4-5, 2013 in Navoi Region, a decision announced at Fund Forum’s annual end-of-the-year conference in late December 2012.

Although the city of Navoi is a young city, the region itself is endowed with historical sites and landmarks such as mausoleums dating from the 10th-16th centuries, the ruins of Rabati Malik caravanserai (11th century) and the medieval Shaikhul-Nuri prayer house, ancient petroglyphs in the mountains, a 15th-century blacksmith shop, Namozgokh Mosque, Spanjvakt Mosque, Uchtut flint mines and the Sarmishsai ancient art that hold historical interest.

The participants of the Festivalwill have a unique opportunity to learn about the Sarmishsai Gorge, which is home to a series of images dating from later periods: the early and the late middle ages.


Young Uzbek Boxers\' High Results in the Fifth Asian Championship

In the Fifth Asian Championship in boxing, more than a hundred athletes from over twenty countries fighting for the victory in their weight categories.

Uzbek boxing school pupils demonstrate their high results in the continental championships among youth. By now, our young boxers won 9 gold, 3 silver and 8 bronze medals, in total – 20 medals in these prestigious competitions. In the Championship being held in the Philippines, the experts also give high praise to the members of the national team of Uzbekistan.


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